$DJIA at 1,618 area of 2007H - 2009L

Possible temp high and reaction here $DIA, $SPY

Comment:

Bearish weekly close, momentum intermediate cycle broke down fast, hinting at possible hidden bullish momo divergence a little later. Last defense for the bulls is the area 25300-25250, before price reach key demand zone (24890 - 24680). Price's response there will show what's next. If breaks with force on weekly, a visit to 22500 - 21500 becomes possible, otherwise possible bounce to first supply zone has to be expected.